Tax Realty

  SECTION 143 OF INCOME-TAX ACT, 1961 - ASSESSMENT - GUIDELINES FOR MANUAL SELECTION OF RETURNS FOR COMPLETE SCRUTINY DURING THE FINANCIAL YEAR 2019-20 LETTER F.NO. 225/169/2019/ITA-II , DATED 5-9-2019 1. The parameters for manual selection of returns for Complete Scrutiny during financial year 2019-20 are as under.- ( i )   Cases involving addition in an earlier assessment year(s) on a recurring issue of law or fact:-   a .   exceeding Rs. 25 lakhs in eight metro charges at Ahmedabad, Bengaluru, Chennai, Delhi, Hyderabad, Kolkata, Mumbai and Pune while at other charges, quantum of addition should exceed Rs. 10 lakhs;   b .   exceeding Rs. 10 crore in transfer pricing cases.       and where such an addition:-   1.   has become final as no further appeal has been...

  Intricacies on TDS payment to Land Owner by Promoter in Joint Development   Section / Description TDS Threshold Points to Ponder 194IC 10% Any amount. · There should be Joint Development Agreement (JDA) registered as mentioned U/s.45(5A). Such agreement is termed as Specified Agreement . · Applicable only in case of consideration made in Cash, Cheque, draft or by any other mode. · Not applicable for the value of Area Sharing given by the Promoter to the Land Owner. · Not applicable for Agricultural Land . · Provisions of Section 203A shall apply for Promoter for obtaining a TAN and accordingly file TDS returns.     Analysis of few related issues:   1.  What is the position of Non-Resident Indian – Land Owner entering into JDA ? In the case of Non-Resident Indian entering into JDA, the promoter has to deduct TDS on the ...